Additionally, Independence Blue Cross members will be able to participate in a no co-pay waiver program that will allow users to fill generic prescriptions at participating pharmacies and through mail order.

Independence Blue Cross hopes that by taking the pharmacy business in-house, it may be able to save considerably money on drugs it covers in its insurance plans. Currently, the insurer pays out over $1 billion annually on prescription drugs. It projects the program will save consumers $100 million over the next five years.

Note: The pharmacy business is clearly heating up and employers will be among the winners. Innovations such as Wal-Mart's $4 generic drug program (rolled out in October in Florida) are already inspiring other retailers, including Target, to follow suit. Within a year, employers should see whether this new drug retail environment will result in lower health insurance costs.

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